Australia, Malaysia and China ended the Indian Ocean hunt on Tuesday, almost three years after the jet went missing.
Darren Chester on Wednesday said Australia did not rule out another search, but he stressed he did not want to provide false hope.
He also defended the suspension following criticism from relatives.
The plane carrying 239 people vanished on 8 March 2014 while travelling from Kuala Lumpur to Beijing.
More than 120,000 sq km (46,300 miles) of the Indian Ocean has been searched. Pieces of debris have been found as far away as Madagascar.